J.D. Power Insurance Intelligence

🔥 Hot off the press! Key findings from the J.D. Power 2024 U.S. Auto Claims Satisfaction Study: - Easy communication is key: The No. 1 performance indicator is ensuring customers can easily communicate with representatives. - Quicker repairs: A average repair cycle time dropped to 22.3 days this year, down 1.0 day from the 2023 study. - Premium increases damage satisfaction: Nearly half (48%) of respondents saw a premium hike in the past 12 months. Satisfaction dipped notably among those whose rates rose before they filed a claim. - Digital claims rising: For the first time, digital claims processes outperform call centers, with mobile apps scoring highest for convenience. Satisfaction peaked when users could upload photos and track updates within the app. - Generational preferences: 32% of Boomers and Pre-Boomers still hesitate to fully adopt digital processes, and many still prefer speaking directly to a representative for specific questions. 🎉 Congratulations to NJM Insurance Co. for ranking highest in overall satisfaction, according to the J.D. Power 2024 U.S. Auto Claims Satisfaction Study! For detailed insights and brand rankings, read the press release: https://hubs.la/Q02W4tyG0 #Insurance #InsuranceInsights #AutoClaims #AutoInsurance

✨Be the first to know: Study subscribers gain exclusive early access to the J.D. Power 2024 U.S. Auto Claims Satisfaction Study results! With the public announcement just days away, secure your spot on the mailing list now to receive the press release directly in your inbox. Stay ahead in understanding the latest trends and insights on auto insurance satisfaction. ❗️Don't miss out – join the list today: https://hubs.la/Q02VyRMb0 #Insurance #CustomerSatisfaction #AutoInsurance #AutoClaims

Congratulations to USAA for ranking highest among individual annuity providers, according to the J.D. Power 2024 U.S. Individual Annuity Study! Study insights and full rank chart: https://hubs.la/Q02TSNFM0 #JDPowerAwards #Annuity #Financial #FinancialServices

The majority (59%) of annuity buyers face financial challenges and often lack a clear understanding of the products they purchase, according to the J.D. Power 2024 U.S. Individual Annuity Study. "True understanding goes deeper than just filling out forms and signing on the dotted line," says Breanne Armstrong, director of insurance intelligence at J.D Power. "In fact, 43% of individual annuity customers say their agent or advisor filled out the complete application for them and, not surprisingly, those people have lower overall satisfaction scores." Want to learn more? Read the press release: https://hubs.la/Q02TJZKd0 #Annuity #FinancialHealth #Financial #FinancialServices

🎥 WEBINAR: Insurance customers, agents and carriers have experienced new pressures as a result of the evolving market. What lessons can carriers learn from target customer segments and from the agents that represent them in the market? Watch the on-demand webinar to learn more: https://hubs.la/Q02TxxKy0

Congratulations to State Farm for ranking highest among individual life insurance providers for a fifth consecutive year, according to the J.D. Power 2024 U.S. Individual Life Insurance Study! Insights and rankings in the press release: https://hubs.la/Q02T4PJ00 #JDPowerAwards #LifeInsurance #Insurance #InsurancePlans

The life insurance industry is at a turning point, grappling with slow growth and a generational shift that hinges on attracting Millennial and Gen Z customers. To win over these new customer segments, insurers are focusing on clearer communication and building trust, according to the J.D. Power 2024 U.S. Individual Life Insurance Study. 🔑 Key insights: - Just 29% of life insurance customers say they “strongly agree” their insurer makes complex policies simpler and just 61% say their agent or advisor explains things in terms they can understand. Among members of Gen Z, that number falls to 57%. - Fewer than three-fourths (72%) of life insurance customers say their policy completely meets their future needs. By personalizing communication and making policies easier to understand, insurers can significantly improve customer satisfaction and better meet their needs. More insights in the press release: https://hubs.la/Q02SQx740 #LifeInsurance #Insurance #InsurancePlans

The J.D. Power 2024 U.S. Life Insurance Study results are now available to subscribers! Watch out for our press release on Oct. 10 and join us on Oct. 15 for a complimentary webinar in which we'll dive into this year's findings. Register now: https://hubs.la/Q02SrYPq0 #Webinar #LifeInsurance #JDPower

Mark Garrett, director of insurance intelligence at J.D. Power, will be hitting the ITC Vegas stage this month to explore the influence of digital claims on the overall insurance customer experience. Don't miss his session! Register now: https://hubs.la/Q02RXZtC0 #ITCVegas #Insurance #InsuranceIndustry #InsuranceEvent #Events

Congratulations to these insurers for ranking highest in satisfaction in their respective segment, according to the J.D. Power 2024 U.S. Independent Agent Satisfaction Study, agent satisfaction: Personal lines: Erie Insurance Group Commercial lines: Auto-Owners Insurance Study insights and scores for the top insurers: https://hubs.la/Q02RJN_y0 #JDPowerAwards #Insurance #InsuranceIndustry #InsuranceAgents #IndependentInsurance